Saudi Arabia has introduced new incentives to draw foreign investment into its mining sector, supporting ongoing economic diversification plans.
The Ministry of Investment, in collaboration with the Ministry of Industry and Mineral Resources, has launched a program to simplify mineral exploration investment. This move aims to make the sector more attractive for both domestic and international companies.
The government plans to open up 5,000 square kilometers of mineral-rich areas for exploration in 2025, positioning mining as a central part of the industrial economy. An investment of SR120 million ($32 million) is expected next year to encourage companies with advanced technical capabilities to participate.
Saudi Arabia is targeting $100 billion in annual foreign direct investment by the decade’s end, with mining forming a key component of this goal. Recent exploration licenses for sites in Jabal Sayid and Al-Hajjlah cover nearly 4,800 square kilometers, with projected exploration spending of SR366 million ($97.6 million) over three years.
The estimated value of the country’s untapped mineral resources was recently raised to $2.5 trillion. The government has also approved a partnership with the World Economic Forum to secure essential minerals for development.
Additionally, five new mining complexes have been designated in the Makkah and Asir regions, aiming to attract high-quality investments, improve transparency, and benefit local communities.